AUD/NZD bounces of 4-hr 100-MA as Aussie retail sales overshadow RBA statement

AUD/NZD rebounded from the 4-hr 100-MA support of 1.0674 and rose to a 1.07 handle as the upbeat Aussie retail sales data overshadowed the downward revision of the GDP forecast by the RBA. 

Peeps above 50% Fib

The cross has scaled 1.0695 - 50% Fib R of Mar 16 high - June 22 low. Aussie June retail sales came-in at 0.3%, beating the estimate of 0.2%. The data helped AUD avoid sharp losses despite the downward revision of the GDP forecast by the RBA.

The central bank also talked about the disinflationary impact on the strong AUD and expressed concerns regarding subdued wage growth numbers. 

AUD/NZD Technical Levels

A break above 1.0734 [Aug 2 high] would open doors for 1.0747 [previous day’s high] and 1.0771 [61.8% Fib R]. On the downside, breach of support at 1.0684 [1-hour 100-MA] could yield a pullback to 1.0670 [1-hour 200-MA] and 1.0650 [Aug  low on 1-hour chart].